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Calculate the cost of the inventory at january

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Question - Kershaw Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:

Date Purchases Sales

Jan. 14 375 @ $28

17 250 @ $20

25 250 @ $22

29 250 @ $32

Kershaw does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31.

The cost of the inventory at January 31, under the FIFO method is:

a. $1,000.

b. $6,750.

c. $7,750.

d. $8,000.

Reference no: EM131785384

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